Tilray Brands, Inc. — Director's Dealing 2025

Aug 1, 2025

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: Tilray Brands, Inc. (TLRY)
CIK: 0001731348
Period of Report: 2025-07-29

Reporting Person: Herhalt Johann Michael (Director)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2025-07-30	Common Stock	M	124378	$0.61	Acquired	239930	Direct
2025-07-30	Common Stock	F	65921	$0.61	Disposed	174009	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2025-07-30	Restricted Stock Units	$	M	124378	Disposed		Common Stock (124378)	Direct
2025-07-29	Restricted Stock Units	$	A	431034	Acquired		Common Stock (431034)	Direct

Footnotes

F1: On July 30, 2025, a total of 124,378 RSUs vested. Each RSU represents a contingent right to receive one (1) share of Tilray Common Stock.

F2: Represents shares withheld by the Company to satisfy the tax withholding obligation associated with the vesting of 124,378 LTIP RSUs previously granted on July 30, 2024.

F3: Amount includes shares of Common Stock beneficially owned by the reporting person, but excludes other unvested RSUs.

F4: Each restricted stock unit represents a contingent right to receive one (1) share of Tilray Common Stock.

F5: Subject to the reporting person's continuous service, the restricted stock units shall vest one year from the date of grant, with accelerated vesting solely upon death or disability prior to such date. In the event of a voluntary resignation by the reporting person prior to the vesting date, all restricted stock units will be forfeited.

F6: Amount represents the total amount of unvested RSUs and underlying shares of Tilray Common Stock.